Rosneft sells 20% of huge field to Beijing Gas

Rosneft PJSC agreed to sell 20 percent of its Verkhnechonsk oil and gas field in Siberia for about $1.1 billion to Beijing Gas Group Co in a deal that may give the Russian producer access to China's natural-gas market.

"The competences and capabilities of our partner in the key distribution market will generate significant synergies from our joint operation," Rosneft Chief Executive Officer Igor Sechin said in a statement on Monday. Sechin and Beijing Gas Chairwoman Li Yalan signed the agreement - outlined back in June - during a meeting in St. Petersburg.

The sale will help Rosneft manage the largest debt load in Russia's oil industry. It has accumulated total debts of more than $40 billion, mainly from its $55 billion acquisition of TNK-BP in 2013.